Detailed, actionable estate plans provide clients with many benefits, including peace of mind that loved ones will be provided for when they die. Unfortunately, far too many people don’t have even the basic outlines of an estate plan. At Foley Freeman, we realize that estate planning is an unwelcome topic.
Nobody wants to consider growing older or dying, so they put off creating a will or power of attorney for as long as possible. Sadly, too many people become incapacitated or pass away without an estate plan in place, and tense family disputes erupt as a result. Get the legal help you need by contacting a Meridian estate planning attorney at Foley Freeman.
What Are Elements of an Estate Plan?
A complete estate plan typically includes several key documents and decisions. Each one plays a role in protecting your family’s future and making sure your wishes are followed.
- Wills
- Trusts
- Living will
- Durable power of attorney for health care
- Durable power of attorney for finances
- Business succession planning
How the Pieces Fit Together
A comprehensive estate plan should:
- Leave assets to beneficiaries and loved ones. We can use a will to accomplish this task, but might also use a trust. Clients benefit from trusts when they are leaving assets to a disabled adult on government assistance or when they hope to reap tax advantages. It’s up to you to determine who inherits from you. Not all assets pass through probate, so speak with our estate planning lawyer.
- Appoint a personal representative. This person oversees your estate after you die. They have critical duties, including notifying creditors, paying your debts and bills, filing your taxes, and defending the estate in any litigation. We can help you identify someone who can fulfill the role.
- Provide for minor children. If both parents die, then young children will need guardians, and you can name them in your will.
- Make end-of-life decisions. You can use a living will to decide what life support you want, such as a feeding tube, artificial respiration, or other support. Some people want everything done to prolong life, while others want nothing. We can discuss what choices are best for you.
- Choose someone to make decisions when you are incapacitated. Estate planning helps you choose someone to make medical and financial decisions if you slip into a coma or develop dementia. Without the right powers of attorney, your children could squabble among themselves or even deplete your assets.
A Meridian Estate Planning Lawyer is an Excellent Asset
You might be tempted to use a computer program online for creating a will, trust, or advance directives like a living will or power of attorney. However, there is no substitute for the help of a lawyer. Our firm does more than draft legal documents (although we certainly do that). We also:
- Help you understand how the pieces of an estate plan fit together. For example, some assets you own won’t pass through probate, such as retirement accounts or life insurance. This fact could matter if you want to divide your estate equally between children.
- Help you identify an effective personal representative, trustee for a trust, or agent for a power of attorney. Ideally, you should pick someone responsible and who lives nearby. We can talk in detail about your choices.
- Think through which trust is most effective for your goals, such as reducing the value of your estate for taxation purposes.
- Revise an existing estate plan if you recently moved to Idaho, had a child, or lost your spouse. An estate plan also needs revision if you have divorced or married.
Elder Law and Medicaid Planning in Meridian, ID
Elder law is an area of law that covers the legal needs of older adults and their families. It includes estate planning, Medicaid planning, guardianship, and long-term care decisions. As people age, their legal matters become more complex, and having the right attorney can make a real difference.
Medicaid planning is one of the most important parts of elder law for many Idaho families. It involves estate planning strategies that help protect assets while still qualifying for Medicaid benefits to cover long-term care costs. Without proper planning, a loved one’s lifetime savings can be spent down quickly on care costs. Our estate planning and probate attorneys help clients in Ada County, Canyon County, and throughout Meridian, ID put a plan in place before that happens.
Elder law also covers issues like powers of attorney, living wills, and guardianship, all of which are part of a solid estate plan. Our attorneys provide straightforward advice and clear communication so clients can make informed decisions about their family’s future. If you have an aging parent or are planning ahead for yourself, our elder law services are here to help.
Probate Services in Meridian, Idaho
When someone passes away, their estate often must go through the probate process before assets can be distributed. Probate involves filing documents with the court, notifying creditors, paying debts, and eventually transferring property to heirs. It can be a time-consuming process, especially without legal help.
Our probate services in Meridian, ID, are designed to make this process as smooth as possible for grieving families. We handle the paperwork, communicate with creditors, and guide the personal representative through every step. Our estate planning/probate attorneys serve clients throughout Ada County and Canyon County with the same care we bring to all of our legal matters.
Good estate planning can also reduce how much of your estate goes through probate at all. Trusts, beneficiary designations, and joint ownership arrangements can all help keep assets out of probate and in the hands of your loved ones faster. Our attorneys will help you create a plan that works for your situation and protects what you have built.
Additional Legal Services We Offer
Foley Freeman is more than an estate planning firm. Our attorneys handle a wide range of legal issues for individuals and businesses in Meridian, ID, Boise, and throughout Idaho. We practice in areas including family law, business law, civil litigation, and bankruptcy matters.
Our business law services help owners plan for the future, including business succession planning as part of a broader estate plan. Civil litigation and appeals are also areas where our attorneys have experience, representing clients in court when disputes cannot be resolved another way. We also handle securities matters and other complex legal issues that require skilled legal guidance.
Whether you need estate planning services, help with probate, or support in other areas of law, our firm is equipped to assist. We believe in clear communication and straightforward advice so our clients always know where they stand and can make informed decisions about their lives.
We Have Been Your Neighbor for More than 40 Years
Foley Freeman started in a house on the corner of Idaho Street and Meridian Road in 1978. Since that day, our lawyers have helped Meridian residents with an array of legal needs, including estate planning. Both Meridian and our firm have grown considerably over the past 40 years.
Today, Foley Freeman is one of the most respected law firms in Southern Idaho and has enjoyed strong recognition from the Idaho legal community. The firm has received the prestigious AV Preeminent Peer Review Rating by Martindale-Hubbell, a national law firm directory, and other lawyers seek out our firm’s assistance in a variety of matters. We will continue to serve Meridian, ID for decades to come.
FAQs: Estate Planning in Meridian, Idaho
Do I need an estate plan if I don’t have a lot of assets?
Yes. Estate planning is not just for the wealthy. Even if your estate is modest, a plan helps make sure your property goes to the right people and that someone you trust is in charge if you become incapacitated. Wills, powers of attorney, and living wills are useful for people at every income level. An estate planning attorney in Meridian, ID, can help you create a simple plan that fits your situation.
What happens if I die without a will in Idaho?
If you die without a will in Idaho, state law decides who inherits your property. This is called dying intestate. The court follows a set order of priority, which may not match your wishes. Your assets could end up going to someone you would not have chosen. A basic will is one of the most important steps you can take to protect your family’s future.
What is the difference between a will and a trust?
A will goes through the probate process after you die and becomes a public record. A trust can hold assets and transfer them to your heirs without going through probate, which can save time and money. Trusts also offer benefits for taxation planning and for leaving assets to children or individuals with special needs. A Meridian estate planning attorney can help you decide which option fits your goals.
What is elder law, and why does it matter for estate planning?
Elder law is a practice area that focuses on the legal needs of older adults. It connects closely with estate planning because both deal with protecting assets, planning for incapacity, and making end-of-life decisions. Medicaid planning, guardianship, and long-term care are all part of elder law. If you or a loved one is planning for the future, an elder law attorney can help you create a plan that covers all of these areas together.
How often should I update my estate plan?
You should review your estate plan after any major life change, such as a marriage, divorce, the birth of a child, or the death of a loved one. Moving to Idaho from another state is also a reason to update, since law varies by state. Even without major changes, reviewing your plan every few years is a good idea to make sure it still reflects your wishes and current Idaho law.
Speak with a Meridian Estate Planning Attorney
Creating a comprehensive estate plan is a worthwhile goal for anyone, regardless of age. Even younger residents benefit from knowing their children will be taken care of should tragedy strike. Our estate planning services cover everything from simple wills to complex trusts, Medicaid planning, and elder law matters throughout Ada County, Canyon County, and Boise. To learn more, call Foley Freeman today at (208) 888-9111 to schedule a consultation with an attorney in our office.